Cortland Partners Grabs Gated Community in Apopka
- Jan 29, 2016
Orlando, Fla.—The 740-unit Barrington at Mirror Lake community in the Apopka area of Orlando has traded hands recently. Cortland Partners acquired the property from TIAA CREF for $74.6 million. CBRE Investment Properties arranged the sale with a team led by Vice Chairman Shelton Granade, Senior Vice President Luke Wickham, and Assistant Justin Basquill providing exclusive representation to the seller.
Located at 700 Post Lake Place, Barrington at Mirror Lake was completed in 1988, and features a variety of amenities, including a resident activity center, business center, clubhouse, two pools, a lakeside boardwalk, fitness center, playground, sports courts, sand volleyball and landscaping.
“This prime asset, which is one of the largest by unit count in the Orlando MSA, drew significant interest from value-add investors seeking to place large amounts of capital into a major deal,” Granade said in a prepared statement. Additionally, the Altamonte/Maitland submarket is a highly desirable location because of its proximity to retail and major employers,” he added.
The community was 94 percent occupied at closing.
Photo credit: CBRE